EC raises forecast for average price of Brent for 2022

The European Commission (EC) has raised its forecast for the average annual price of Brent oil for 2022 by 1.6 times to $103.6 per barrel, Report informs referring to the spring economic report of the EC.

In the autumn forecast, the EC expected the figure in 2022 at the level of $63.9 per barrel.

The European Commission also raised its forecast for the average Brent price for 2023 to $93.5 from $61.6 per barrel.

Oil markets have reacted to news of important Western oil companies’ leaving Russia, the oil embargo on energy commodities imposed by some countries (for example, the US and the UK), the US decision to release some of its oil reserves and decision of OPEC+ not to increase oil production, according to the document.